Type Auction house Founder Peter Loughrey | Founded January 01, 1992 Headquarters Van Nuys, California | |
Industry Fine Art & Design Auction House Owner Peter & Shannon Loughrey | ||
Los Angeles Modern Auctions (LAMA) is the first auction house to specialize in 20th century modern design and fine art. Auctions are held three times a year in Van Nuys, CA and offer material ranging from fine art, furniture, lighting, sculpture, prints, photography, ceramics, to decorative arts. Notably, LAMA has carved a niche in the international market through milestone auctions dedicated to individual designers such as Charles and Ray Eames, Paul László, and R. M. Schindler. Of late, LAMA has distinguished itself by achieving record prices for California artists such as Ed Ruscha, Jay DeFeo and Mike Kelley.
Contents
History: 1990s
Peter Loughrey opened a vintage furniture gallery, "Bedrock," in October 1989 and, three years later, founded Los Angeles Modern Auctions (LAMA). The company's first auction occurred on October 10, 1992, featuring 150 lots. In 1993, Mr. Loughrey chose to close the gallery and moved to London in order to continue his education at Sotheby's Institute of Art. There he apprenticed in the Vintage Automobile Department and worked as a porter in the landmark Man Ray auction at Sotheby's, London.
In 1995, Peter married Shannon Carragher and the two re-opened Los Angeles Modern Auctions. On May 18, 1996 Peter and Shannon conducted their first joint auction at the Eric Owen Moss 'Samitaur' building in Culver City, California. Five months later, on October 27, 1996 they held an additional auction at the Chait Gallery in Beverly Hills.
Having built a reputation for expertise in the field of modernist design, LAMA was chosen to liquidate the Silver Lake architectural offices of Richard Neutra. This same year, the auction house acquired more than 500 Eames leg splints from an army surplus, and distributed them via MoMA and MOCA gift stores.
1998 was a pivotal year for LAMA. First, it was featured in an article on antiques by Wendy Moonan in The New York Times, which stated: "The definition of antiques is changing daily, and, as usual, Los Angeles sets the trends." Additionally, www.lamodern.com was launched on February 2nd of the same year, thereby increasing the visibility and accessibility of the company. To cap off an already important year, Peter Loughrey was given the honor of interviewing Pierre Koenig for Echoes Magazine, an architect best known for his work on the famed Case Study Houses.
By 1999, LAMA had established itself as an important player in the modern art and design markets. 'Modern Monthly' auctions were held, where the average lot was under $500. The goal of these auctions was to reach young collectors with accessible prices. This same year, LAMA was chosen by ARCO (“Atlantic Ritchfield Corporation”) to liquidate the company's fine art corporate collection. This was the first major fine art commission for the auction house. More notable, perhaps, was LAMA’s achievement of a world record for a Charles Eames & Eero Saarinen "Conversation" prototype, designed in 1941. The price realized for the piece was $129,000, a world record at the time for a design by Eames.
History: 2000 to 2010
The new millennium saw major growth for Los Angeles Modern Auctions. Peter Loughrey was included in Art & Auction's "Power Issue," the publication's annual survey of the art world's most powerful people. After achieving the record price for Eames in 1999, LAMA was given the opportunity to auction a selection of rare examples by the designer including "DCW" prototypes. These pieces were handmade by Eames and were from the collection of John and Marilyn Newhart, who authored Eames Design- the Work of the Office of Charles and Ray Eames.
In 2002, Playboy Enterprises chose LAMA to conduct the first ever auction of items from the magazine's archive while Peter and Shanon were employed at Butterfields. During the same year, LAMA organized the first auction dedicated to a single collection, that of Michael and Gabrielle Boyd-- also while at Butterfield's. The success of the corporate and single owner sale further solidified LAMA's place in the modern art and design field.
Peter Loughrey signed on with Antiques Roadshow in 2003 to be an appraiser for the PBS show. This relationship has continued to today, as Peter continues to featured on program.
Two more world records were achieved at LAMA in 2004, when works by George Nakashima achieved prices over $100,000. To this day, Nakashima is a regular feature in LAMA auctions. This same year, ACME Gallery in Los Angeles asked Peter to co-curate, 'Gio Ponti: Furnished Settings & Figuration.' This show featured the work of the Italian designer, architect and artist who also continues to be a regular feature in LAMA sales. In 2005, ACME and Peter co-curated another show, "Dutch Design". On May 22, 2005 a series of pieces by Laszlo were featured in the LAMA auction, making it the largest and most comprehensive Laszlo commission to ever surface for sale at one time.
During the June 3, 2007 sale, LAMA established a new world record price for "Marilyn" (#28) by Andy Warhol, realizing $144,000. This great achievement was soon followed by the October 14 sale in which "Car Hood" by Judy Chicago realized $288,000.
In 2008, LAMA conducted its first house sale in which the entire contents of the Linda Sullivan collection were auctioned. This same year, LAMA was featured in Forbes' SOLD!. Also in 2008, Peter and Shannon chose to leave their West Hollywood location to move their current location in Van Nuys, California.
LAMA Auction Process
The auction process at Los Angeles Modern Auctions is similar to that of other auction houses. For those interested in consigning work to LAMA, there are a few simple steps:
1. Submit Material: Email or mail images and item descriptions of the works. Also, one can make an appointment to bring the works to the showroom if that is more convenient.
2. Receive Auction Estimate: Once the specialists review the items, they will establish an auction estimate based upon the current market value of the work. This estimate is free of charge.
3. Establish a Commission Structure: A commission is a flat percentage based on the total value of the consignment. This is an all-inclusive fee which includes all listing fees, advertising and promotional material.
World Records
Since the company's founding in 1992, LAMA has achieved several world records at auction for works of fine art and design.
Awards
The Printing Industries of America recognized LAMA in 2012 for its May 6, 2012 Modern Art & Design Auction catalog as the "Best Services Catalog".
Television
Peter Loughrey is a repeat appraiser on PBS's Antiques Roadshow. He is featured on the show as a specialist in modern art and design.
Publications
Peter is also a contributor to Julius Shulman, Modernism Rediscovered (Taschen 2007) and Case Study Houses (Taschen 2006).